Summary

Shree Refrigerations Limited delivered a strong financial performance in H2 and FY26, marked by significant revenue and profit growth. H2FY26 revenue from operations surged by 116.0% year-on-year to ₹1,031.6 Mn, contributing to a 55.5% year-on-year increase for the full FY26, reaching ₹1,535.5 Mn. Net Profit also saw remarkable gains, climbing 325.5% in H2FY26 to ₹199.2 Mn and 64.7% for FY26 to ₹214.0 Mn, driven by improved execution capabilities and operating leverage benefits. The company's strategic investments in H1FY26 for HVAC capabilities are yielding results, as evidenced by expanded EBITDA margins and a reduced working capital cycle. With an unexecuted order book of ₹2,707.7 Mn, representing 1.8x of FY26 revenue, management is confident in sustaining its growth momentum and expanding into new high-growth segments like data centres.

Key Highlights

1. 1

   Revenue from operations for H2FY26 saw a robust increase of 116.0% year-on-year, reaching ₹1,031.6 Mn.

2. 2

   For the full financial year FY26, revenue from operations grew by 55.5% over FY25, totaling ₹1,535.5 Mn.

3. 3

   Net Profit for H2FY26 significantly surged by 325.5% year-on-year to ₹199.2 Mn, with Net Profit Margin expanding to 19.3%.

4. 4

   Full-year FY26 Net Profit increased by 64.7% to ₹214.0 Mn, supported by improved execution efficiency and scale benefits.

5. 5

   EBITDA for H2FY26 grew by 136.0% year-on-year to ₹271.6 Mn, with margins improving to 26.3%.

6. 6

   The unexecuted order book as of March 31, 2026, stood at ₹2,707.7 Mn, which is approximately 1.8x of FY26 revenue, offering strong future growth visibility.

7. 7

   The Company's working capital cycle showed significant improvement, reducing from approximately 570 days in FY25 to about 370 days in FY26.